Calkain’s Patrick Nutt & Connor Barton Broker Sale of 4-Tenant Net-Leased Shopping Center
Ft. Lauderdale, FL – April 10, 2019 – Calkain’s Patrick Nutt and Connor Barton, closed this week on a net-leased multi-tenant strip center. The property, located at 1001 West Bay Drive in Largo, Florida, sold for $2,615,000.
“This particular asset garnered a lot of interest from local buyers. As an outparcel to a Publix-anchored center, the asset provided the buyer with security moving forward and ease of management with NN leases,” commented Barton, Calkain’s Investment Sales Associate. Nutt contributed, “The buyer received financing at 50% LTV, providing him with positive leverage and the ability to achieve a higher yield.”
This asset was constructed in 2006 and has four national tenants in place with various lease terms remaining. It is an ideal location as a Publix outparcel on the north side of a very strong retail corridor. With nearly 22,000 vehicles passing the site, there is easy ingress/egress provided by the hard, signalized corner.
Nutt and Barton currently have additional multi-tenant assets for sale. For more information on these, or on the Largo, FL transaction, please contact Barton at email@example.com.
Calkain Companies LLC is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, capital markets, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.